INSURANCE

Insurance is an essential sector in the modern economy, playing a crucial role in risk management and financial security for individuals, businesses, and society. This field offers diverse career opportunities while equipping students with strong analytical and risk management skills. If you have a passion for finance, enjoy data analysis, and aspire to contribute to the sustainable development of the economy, pursuing a major in Insurance could be the perfect choice for you.

Program Introduction

The insurance industry, along with banking and securities, is considered one of the three pillars of modern finance. Insurance is both an industry and a comprehensive system, encompassing various aspects such as insurance management, product design, premium pricing, sales, and claims settlement, all requiring skilled professionals. Today, we will discuss the Insurance program with prospective students and their parents.

In the 2012 edition of the Undergraduate Program Directory of General Higher Education Institutions, Insurance is classified under the Finance discipline within the Economics category. It follows a four-year standard academic system, and graduates are awarded a Bachelor’s degree in Economics. While Insurance is included among the popular Finance-related majors, its application rate is relatively lower than other Finance-related majors such as Finance, Financial Engineering, and Investment. This is largely due to misunderstandings regarding job prospects in the field.

Undergraduate students in this major will acquire fundamental knowledge of economics and systematically grasp the basic theories, business knowledge, and skills of Insurance. They will become familiar with the laws, regulations, and policies governing the insurance sector in China. Additionally, they will develop a comprehensive understanding of the history, current state, and development trends of domestic and international insurance theories and practices. Graduates are expected to possess strong analytical and problem-solving abilities, along with basic research skills.

Program Objectives

The program aims to cultivate professionals who can meet the demands of China’s socialist market economy development and who possess foundational knowledge and practical skills in economics, finance, and insurance.

Students will develop an understanding of the latest trends in the insurance industry, master fundamental insurance theories and business operations, and acquire the ability to independently apply modern insurance concepts to solve real-world problems. Additionally, they will gain preliminary research capabilities.

Graduates will have strong adaptability to society and possess well-rounded qualities, allowing them to work in banks, insurance firms, financial investment institutions, and risk management departments of enterprises. The program aims to develop highly skilled application-oriented professionals with a balanced development in moral, intellectual, and physical aspects.

Graduates will also possess the ability to acquire new knowledge, handle insurance-related business operations, innovate insurance marketing and underwriting strategies, analyze and solve problems using professional knowledge, collect and process information, and effectively communicate both verbally and in writing while demonstrating teamwork and social interaction skills.

Graduation Requirements

Students enrolled in this program will complete a four-year course of study, during which they will develop a correct worldview, outlook on life, and values. They will cultivate strong moral principles, professionalism, and a sense of social responsibility while enhancing their market awareness and competitiveness. Graduates must meet the following basic requirements:

(1) Knowledge Requirements

Technical Knowledge:

• Proficiency in English, with strong reading, listening, speaking, writing, and translation skills.

• Competency in using computer software.

• Ability to apply modern information management technology for document retrieval, data processing, analysis, and modeling.

• Proficiency in utilizing professional databases for academic research and report writing.

Professional Knowledge:

• Systematic mastery of fundamental theories in economics, finance, and insurance.

• Broad knowledge of humanities, history, and other related sciences.

• Familiarity with social security, law, and other disciplines closely related to insurance.

• Understanding of cutting-edge developments in insurance theory, international insurance practices, and major issues in insurance development and reform.

Knowledge in Related Fields:

• A broad understanding of humanities, history, and natural sciences.

• A balanced knowledge structure incorporating social sciences, natural sciences, and engineering.

(2) Competency Requirements

Ethical and Moral Standards

• Commitment to Marxism, Mao Zedong Thought, and the theoretical system of Socialism with Chinese Characteristics.

• Adherence to the leadership of the Communist Party of China, supporting the country's development and prosperity.

• Compliance with the Constitution, laws, and regulations.

• Observance of ethical codes, university rules, and student conduct guidelines.

• Strong personal integrity, honesty, and a sense of responsibility toward society.

• Advocacy for core socialist values and a commitment to professional ethics and social responsibility.

Professional Competence

• Solid theoretical foundation in finance and insurance.

• Advanced knowledge levels and a reasonable knowledge structure.

• Familiarity with fundamental interdisciplinary knowledge and international financial and insurance policies.

Scientific and Cultural Literacy

• Basic scientific knowledge and literacy.

• Appreciation and understanding of literature and the arts.

• Knowledge of Chinese traditional culture and history.

Physical and Mental Well-being

• Good physical health, meeting required fitness standards.

• Strong psychological resilience, self-control, and emotional regulation abilities.

Core Courses

1. Advanced Mathematics

2. Probability Theory

3. Microeconomics

4. Macroeconomics

5. Accounting

6. Applied Statistics

7. Accounting

8. Financial Management

9. Management Science

10. Project Management

11. Monetary and Banking

12. Investment Science

13. International Finance

14. Principles of Insurance

15. Insurance Marketing

16. Risk Management

17. Actuarial Science

18. Economic Law

19. Insurance Law, etc.

Research Directions in Insurance

The Insurance program typically includes the following research areas:

• Actuarial Science: Focuses on pricing insurance products and assessing risks.

• Risk Management and Control: Explores methods for identifying, analyzing, and managing various risks.

• Insurance Economics: Examines economic behaviors in the insurance market and the impact of insurance policies.

• Insurance Law and Policy: Investigates the development and implementation of insurance regulations and policies.

Degree Awarded

• Degree Type: Students who meet the university's degree requirements will be awarded a Bachelor’s degree 

Career Prospects

The insurance industry is a complete system that requires professionals in all aspects, from product design and premium pricing to sales and claims processing. The insurance sector is well-developed in foreign countries, often requiring students to study abroad to acquire advanced knowledge and techniques.

The insurance industry has significant growth potential, offers high starting salaries, and presents ample career opportunities. Graduates can work in insurance companies, insurance intermediary agencies, regulatory authorities, banks, securities departments, large corporations' risk management divisions, higher education institutions, and consulting firms. Career paths include insurance business operations, financial investment, actuarial analysis, insurance regulation, policy research, management, risk consulting, teaching, and research.

In China's insurance companies, positions such as training instructors, underwriting and claims officers, fund management personnel, and actuaries are in high demand, offering respectable careers with competitive salaries. The employment rate for this major exceeds 85%, with 211 universities achieving an employment rate of over 95%. Beijing is the most promising region for employment.

Typical job roles for graduates include:

• Insurance Agent/Broker/Client Manager

• Underwriting and Claims Adjuster

• Insurance Administrative Officer

• Trust Services

• Reporter/Editor

• IT Project Manager/Supervisor

Related Majors

• Finance

• Financial Engineering

• Investment Science

• Financial Mathematics

• Credit Management

• Economics and Finance

• Actuarial Science

• Internet Finance

• Financial Technology

• Financial Auditing

Top Universities Offering Insurance

1. Renmin University of China

2. Fudan University

3. Nankai University

4. Central University of Finance and Economics

5. Shanghai University of Finance and Economics

6. University of International Business and Economics

7. Southwestern University of Finance and Economics

8. Hunan University

9. Wuhan University

10. East China Normal University